Articles by Im Eun-byel
Im Eun-byel
silverstar@heraldcorp.com-
BOK holds key rate steady at 3.5%
The Bank of Korea kept its key interest rate unchanged for the fourth consecutive time as inflation seems to be on the wane. The central bank decided to hold the rate at 3.5 percent at its rate-setting meeting on Thursday, keeping the base rate steady since February. The BOK’s decision falls in line with the market projection which assumed the central bank would maintain the rate as the consumer prices growth in June fell to the 2 percent range for the first time in 21 months. Korea’
Economy July 13, 2023
-
Korea looks to lure more foreign workers
The Korean government plans to ease the visa quota for foreign workers to resolve growing labor shortage issues. “We will resolve the imbalance in the labor market by improving the working environment and using foreign human resources,” Finance Minister Choo Kyung-ho said at a meeting Wednesday. Choo said the government will lift the quota for the E-7-4 visa for skilled workers from 5,000 to 35,000 within the year and ease the standard on minimum annual income, which currently stands
Economy July 12, 2023
-
BOK likely to hold key rate steady as inflation eases
The Bank of Korea is expected to keep its key interest rate unchanged this week as recent economic indicators show signs of waning inflation. If the central bank maintains the policy rate at 3.5 percent at its rate-setting meeting scheduled to take place on Thursday, it would be its fourth consecutive freeze since February. Signs of inflation cooling have created room for the BOK to keep the rate at the same level. Korea’s consumer prices, a key gauge of inflation, rose by 2.7 percent in
Economy July 10, 2023
-
EcoPro shares fly high on battery frenzy
Shares of South Korean battery materials firm EcoPro rose to over 1 million won ($766.58) during trading hours Monday, surpassing a significant bar for a stock listed on Kosdaq. The stock price of EcoPro closed at 965,000 won, lower than its previous closing price of 988,000 won. It hit a record high of 1.01 million won earlier during the day. As of closing, the market cap of EcoPro stood at 25.69 trillion won, shoulder to shoulder with tech giants Kakao and Naver, which are worth 22.14 trillion
Market July 10, 2023
-
'China decoupling could boost Korean trade'
Korea and other Asian nations can be key players in the global supply chain, as countries wean off their dependence on China, a report issued by the Korea Chamber of Commerce and Industry suggested Wednesday. According to the report, Korea and other “Altasia” countries can be a substitute for China in the global trade scene. The term Altasia is a compound of alternative and Asia, encompassing 14 countries in Asia that could replace China in the global supply chain. The weekly newspap
Market July 5, 2023
-
Korea lowers growth outlook to 1.4% on slow recovery
The Korean government revised down its economic growth rate projection to 1.4 percent on Tuesday, as the exports sector struggles to rebound, delaying the economy's recovery to next year. The revision came as the Finance Ministry and other related ministries announced economic policy measures for second half of this year. The gross domestic product growth forecast was cut from the previous 1.6 percent to 1.4 percent. The ministry initially suggested that the Korean economy would see a rebou
Economy July 4, 2023
-
Korean investors snap up Japanese stocks amid yen weakness
Korean investors have poured money into Japanese stocks this year, taking advantage of a weaker yen and the roaring Japanese stock market, according to data from the Korea Securities Depository on Monday. In recent months, the Korean currency has been traded in the 900 won range against 100 Japanese yen, as the Bank of Japan continues to maintain negative rates to spur the local economy. Backed by the record low yen, more local investors are scooping up Japanese shares. The KSD data showed that
Economy July 3, 2023
-
[KH Explains] Korea’s economic recovery slower than hoped
Though Korea’s sluggish economy was initially expected to improve in the latter half of the year, the recovery is slowing, as the country struggles with a prolonged export slump. The Finance Ministry is likely to lower slightly the economic growth rate forecast for 2023 from the previous 1.6 percent when it announces economic policy measures for the second half of the year on Tuesday. The Korean economy was initially expected to rebound in mid-2023 when China’s economy reopened and t
Economy July 2, 2023
-
Korea, Japan revive $10b currency swap
South Korea and Japan agreed to resume a $10 billion currency swap deal after an eight-year suspension, showing bilateral economic ties are on a path of recovery. Finance Minister Choo Kyung-ho met with his Japanese counterpart Shunichi Suzuki in Tokyo on Thursday. It was the first time since 2016 for the top finance heads of Korea and Japan to hold an official one-on-one meeting. The new currency swap program will last three years and be based on the US dollar. A currency swap deal allows the e
Economy June 29, 2023
-
Dunamu leads Web 3.0 market with blockchain tech
Dunamu, the operator of Korea's largest cryptocurrency exchange Upbit, has been leading the growth of next-generation technology with its experience in blockchain. The firm has been a pioneer in digital assets, introducing new technologies for lucrative investments. The operator joined hands with entertainment agency Hybe, the K-pop company behind boy band BTS, to launch Levvels, a joint venture that develops and launches non-fungible tokens based on the intellectual property of artists und
Market June 29, 2023
-
Finance sector unaffected by changes in age counting system
Abolishment of the “Korean age” system, which came into effect Wednesday, will not make a substantial difference in the local finance sector, as the industry has already been using the internationally recognized age counting system. The country’s top finance regulator Financial Supervisory Service launched a counseling center under its call center on Wednesday to respond to consumers experiencing difficulties with the new age system. The FSS, however, expects that the new age s
Market June 28, 2023
-
Talks on minimum wage fall through as deadline looms
Talks on the minimum wage level for 2024 fell through Tuesday, two days before the deadline for the decision, after labor representatives walked out. The Minimum Wage Commission, which is composed of members spanning labor, business and the general public, was to its eighth round meeting to discuss the minimum hourly amount employers must pay their workers next year. But the meeting was cut short as labor representatives walked out of a meeting expressing their disapproval against the government
Economy June 27, 2023
-
Choo remains wary of China's reopening
Finance Minister Choo Kyung-ho expressed his concern for the Korean economy as China’s reopening has had only a limited impact, falling below expectations. "The chip industry is yet to recover and the reopening of China, a country which we have a lot of trade with, has not shown much effect,” Choo said at a meeting held with the local business industry on Monday. Representatives of midsized businesses here attended the meeting, including Korea’s largest sauce maker Sempio
Economy June 26, 2023
-
Weak yen deepens concerns over trade balance
While Korean tourists are flocking to Japan to take advantage of a record-low yen, concerns are deepening among businesses over capital outflow and export slump in the coming months. The Korean currency closed in the 910 won ($0.70) range against 100 Japanese yen on Friday. The won-yen exchange rate had stayed above the 1,000-won range between 2019 and 2022, but the figure continued to fall this year to an eight-year low of 897.49 won last week. The cheaper yen comes as the Bank of Japan sticks
Economy June 25, 2023
-
Korea misses out again on MSCI upgrade
Korea failed to win developed market status on the global stock indices provided by Morgan Stanley, despite the hopes of being reclassified from an emerging market. Morgan Stanley, the index operator of Morgan Stanley Capital International, announced its 2023 Annual Market Classification Review results Thursday. The MSCI is a widely followed global stock market index. Korea will remain on the emerging market index without any changes, despite its efforts to move up to the developed market inde
Economy June 23, 2023
Most Popular
-
1
Korean battery makers brace for impact of US election
-
2
Who is writer of Hybe's controversial internal report?
-
3
After opposition U-turn, Korea to repeal plan for financial capital gains tax
-
4
[AtoZ of Korean mind] Ever noticed some Koreans talk to themselves?
-
5
[Breaking] North Korea fires short-range ballistic missiles: JCS
-
6
Amid record-low approval rating, Yoon forgoes Assembly budget address
-
7
Gangnam Station ramming suspect to face detention
-
8
South Korea and Central Asia set stage for first summit
-
9
[From the Scene] Gumi, home to Nongshim’s largest factory, rebrands itself as ‘city of ramyeon'
-
10
Local food festivals enjoy unexpected popularity as snacks go viral